The gems and jewelry market is inundated with several jewelries that are made out of metals such as diamonds, gold, platinum, silver, and gemstones. Jewelry can be defined those objects that are made out of valuable metals and stones designed for decoration or adornment of the body.

These objects are precious or semiprecious stones, diamonds, shells, metals such as gold, copper, silver used for carving and designing ornaments which are primarily worn by women. The jewelry or ornaments can be in the form of rings, necklaces, earrings, bracelets, brooches, etc.

Market Overview

According to the report found on Wise Guy Reports (WGR), the global gems and jewelry market is projected to exhibit a strong growth at a CAGR of over 4.73% during the forecast period (2017-2022), mainly driven by supportive legislation regarding the authenticity of the jewelry and aggressive marketing as well as promotional strategies by leading jewelry companies.

Drivers and Restraints

Rising women employment and subsequent dual household budgets, in addition to increased spendable income and the growing demand for religious and customary purposes have worked in favor of the gems and jewelry market past couple of years. Also, advancements in jewelry making process coupled with the availability of a range of certification bodies like Bureau of Indian Standards (BIS) hallmarking, Kimberly Process Certification Scheme, Confédération International de la Bijouterie, Joaillerie, Perles et Pierres (CIBJO), Orfèvrerie des Diamants, are expected to spur the growth of the global gems & jewelry market in the forthcoming years.

In addition, rapid urbanization, changing lifestyles, rising organized retail channels, increasing e-commerce sales, an elevated number of premium product launches along with synchronized distribution networks are anticipated to fuel the market growth during the forecast period.

Industry Trend

The next few years would witness massive demand and growth of synthetic diamonds along with jewelry products that are crafted by infusing digital analytics and body tracking techniques with traditional jewelry. Further, use of Nano-technology, motorized drilling & polishing, cadmium free electroforming, and anti-tarnish solutions that enable easy crafting and design are set to be few of the popular trends set to gain momentum in the global gems and jewelry market.

Market Segmentation

The global gems and jewelry market is segmentedon the basis of product type and sales channel.

The product types within the global market include gold, diamond, platinum, gems, and others.

Based on the sales channel, the market is segmented into online, retail and jewelry stores.

The global gems and jewelry market is spread across the prominent regions of Europe, Asia Pacific, North America along with the Rest of the World (RoW).

In 2016, the region that grabbed the major share of the global gems and jewelry market was the Asia Pacific. High demand from countries like China, India, Vietnam, Japan, Thailand, and Indonesia owing to rising disposable income, and aggressive marketing and promotional strategies by leading players have laid a strong foundation for the gems and jewelry market in the region.

But RoW is predicted to gain major share by 2022 as the region, that comprises countries such as Brazil, Saudi Arabia, UAE, and South Africa, account for high net worth population, robust legislative measures and its implementation, along with the presence of big jewelry companies that massively invest in marketing and promotional activities and also undertake synergic investments such as mergers, acquisitions and R&D activities.

November 2018 – Commerce and Industry Minister of India, Suresh Prabhu has addressed the issue of credit to the gems and jewelry sector with the finance ministry in order to ensure adequate availability of funds for them.